All you wanted to know about Minimum Viable Product

Starting up a company today, definitely needs a MVP to validate the idea without investing too much time, money and resource on it. So, let us check out what a MVP is, how to go about it along with some examples.

What is MVP?

MVP is the start-up or a development technique that is the bare bones of the design which is the testified on to the market to see whether it has that potential to get success. To get the initial success the idea only needs the most primary functions. Anything beyond these primary functions is not added. MVP is the most important tools to check the products true potential in the market

Why is MVP needed?

To get the users interest in a particular product, MVP is needed. If the positive result is achieved, then further development for the full process of the product is done.

Most of the world-class companies or entrepreneurs have started their work from a tiny little space and today people are seeking space in their business plans. But they never over think on their idea or on their potential.

If startups want to be the horse of the long race then they should understand that their MVP will benefit them on long terms.

Some of you are thinking that what if we made a product with good investment and get all the support and demands in the market. Then I must enlighten you with this information that 74% of the startups fail due to premature scaling. And by doing that you are taking a huge risk as that would make most of the available resources and you know how that may end.

  • MVP will be the best option to check your hypothesis. It is a secure way to know that the basic idea of your product makes an impact on the market or not.
  • MVP helps to scale startup properly.
  • MVPs accelerates the learning process, helps to understand the market’s demands, and takes the product ahead for their competitors.

The most important factor that MVP gives that it helps startups to save their precious engineering hours of development of their product that results in getting ahead of their competitors.

Your motive should deliver your core that you are offering in a very basic way or you need to create an MVP (Minimum Viable Product). Gradually you can expand your business but initially, you need to set up the pillar first then only you can build an empire over it! 

Benefits of using MVP

  • MVP saves time and also resources making sure that the investment in a product is going to be successful.
  • It can check whether the product has the potential to appeal the users.
  • With some help of the integrations check whether the product needs the full development.
  • Find out the early users of the product.
  • Bypass the extensive market research by saving time and money.
  • Attract the investors at an early stage

What should you do and don’t for MVP?

Before using the process of MVP, you need to follow some do’s and don’ts. Some of them have been listed here.

What should you do?

  1. You need to maintain very minimum function to achieve high quality.
  2. Try to be towards the big markets.
  3. Always keep a money model in your mind.
  4. Always keep a track of the user behaviour and do the necessary changes.
  5. Study your competitors.
  6. Last but not least, try to come up with good marketing plans that attract a lot of customers.

What you should not do:

  1. Do not add less important functionality.
  2. Do not delay the market entry.
  3. Try to forget the products total usability.
  4. Don’t be afraid to restart if your MVP results aren’t satisfying.

Be sure check all these do’s and don’ts before doing any MVP.

Some good examples of MVP

A good example of MVP is Pebble. It is a company which offers e-paper smartwatches. The company started its path by getting the people pay even before the product was even built but when the entire fund of the investors was soaked up, the chairman of the company started a community for the fund to be raised. This resulted in a huge success of the project among all and it helped raise a fund over 10 million.

Another good example of MVP is Drop box. Most of you have heard this name. Its hosting service is very popular. 10 years ago the idea of Drew Houston, company’s founder, invented the idea of the present company and validated it. He created a 3-minute video that explained the concept of the service and shared that among the people to see their reactions. Then the success of this company is itself a legend.

Find more about our Business Plan Offering

References:

http://theleanstartup.com/principles

https://www.forbes.com/sites/theyec/2017/07/07/two-things-people-dont-tell-you-about-building-a-product-mvp/#24ceb1d5787a

http://globalluxsoft.com/creation-of-successful-minimum-viable-product/

http://steelkiwi.com/blog/what-mvp-and-why-it-necessary/

https://yourstory.com/2015/07/building-mvp/

https://speckyboy.com/successful-minimum-viable-products/

https://www.quora.com/What-are-the-best-examples-of-Minimum-Viable-Product-MVP-released-by-a-Lean-Startup-in-any-industry-Including-both-successful-attempts-and-promising-attempts-that-eventually-failed

 



Leave a Reply